Please show all work for better understanding. I couldn’t figure out how to find the interest without knowing the rate.The answers in the back of the book are:$34.60 interest, $213.10 principal, $7986.99 balance$42.12 interest, $257.88 principal, $7729.11 balance.Thank you. Your monthly payments are due on the 8th of each month, starting October 8. The lender receives your first monthlypayment ($247.61) on October 6. For your second monthly payment, you pay $300; the lender receives the paymenton November 10. Calculate interest, principal, and remaining balance for each payment using the U.S. Rule.DueDateTotalDateReceivedPaymentInterestPrincipalBalanceSep. 8(Start)$8,200.00Oct. 8Oct. 6$247.61Nov. 8Nov. 10$300.00

Principal amount : It is the initial or the total amount that is being borrowed by an individual…

Answered: Your monthly payments are due on the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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Please show all work for better understanding. I couldn’t figure out how to find the interest without knowing the rate. The answers in the back of the book are: $34.60 interest, $213.10 principal, $7986.99 balance $42.12 interest, $257.88 principal, $7729.11 balance. Thank you.

Your monthly payments are due on the 8th of each month, starting October 8. The lender receives your first monthly
payment ($247.61) on October 6. For your second monthly payment, you pay $300; the lender receives the payment
on November 10. Calculate interest, principal, and remaining balance for each payment using the U.S. Rule.
Due
Date
Total
Date
Received
Payment
Interest
Principal
Balance
Sep. 8
(Start)
$8,200.00
Oct. 8
Oct. 6
$247.61
Nov. 8
Nov. 10
$300.00

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